The TD news doesn’t surprise me, and it shouldn’t surprise you either.

When CBC recently dropped the bombshell that employees were being pressured to sell unnecessary products to customers, all I could do is roll my eyes. It wasn’t news to me – that pressure has been a feature of the financial and banking industry for as long as I’ve been a part of it.

My journey in financial services

When I joined the financial services industry 25 years ago, I was full of energy and idealism. In my first five years, in the credit union environment, I soon discovered that I loved helping people with their finances.

But my entrepreneurial spirit urged me to spread my wings. When I heard that being an investment advisor provided the opportunity to be of service, plus tremendous potential if I was willing to put in the work, it seemed like the perfect combination. Continued learning, a greater challenge, and unlimited impact. Sign me up!

Next step? I applied to a bank-owned brokerage firm where my parents were clients.

I interviewed well. The firm was impressed with my professional accomplishments over the past five years, rising from teller to multi-branch manager at the tender age of 28. They liked the idea that I had a business degree in marketing. They asked me to do a raft of intelligence and psychographic tests, which I completed in record time.

Next, the second interview. Where I got the bad news. I would not be welcomed into their rookie investment advisor program.

The reason? The psychographic test suggested I was not “sales driven.”

I found another firm that hired me, but ultimately discovered that viewing potential clients as people to be sold to, rather than advised, was deeply embedded in the culture and structure of the industry. True, clients would be given advice. But in the end, earning a living required that I sell stuff. The stuff they wanted me to.

Going on my own

So, in 2000, I went independent. No more conflicts of interest, and sales targets. And I started a fee-only financial planning firm at a time when Canadians didn't understand the value of paying for independent, objective, holistic financial planning advice. Almost nobody was doing it. It was a time when friends and colleagues frequently asked me “Why should I pay for financial advice when I can get it for free from my current advisor or local bank branch?”

Fast forward 17 years. Canadians are much wiser. Independent fee-only Financial Planning is considered an invaluable process and a viable occupation. It's viable as a career now, because consumers are willing to pay for it.

And banks? They have to sell even harder than they did 25 years ago. Here are three reasons why:

Far more competition – from credit unions, independent wealth management firms, virtual banks, and financial technology platforms such as robo-advisors. Do a little googling of “blockchain” and you’ll quickly realize that the basic foundation of banking is being challenged.

“You never call, you never visit” – Sounds like a complaining family member, but in fact it’s the refrain of your bank manager. ATMs and online banking free consumers from the drudgery of visiting the branch. So there are fewer opportunities for bank staff to “offer” banking solutions to their customer base. It also makes it harder for them to build meaningful relationships with customers, so the pitch becomes more selling than problem-solving.

It’s generational – Historically Canadians maintained their relationship with their bank for a lifetime. It set the banks up to be the solid, profitable businesses that they are today. What got them here won’t get them there though. Today, Millennials, GenX and GenY and many Boomers put value ahead of loyalty when choosing financial products. It’s easier to make a change than ever before. That leads to a more aggressive bank sales culture, since everyone’s business is up for grabs.

Moral of the story

Canadians can be proud of their banks. The World Economic Forum has singled out Canadian banks as one of the soundest in the world for the past nine years in a row.[1]

But! Remember, when you talk to any bank employee, that banks are not impartial, and they do have an agenda. While it is easy to see a bank as a solid, safe, unbiased authority, the real story is more nuanced.

Keep that in mind, particularly when you are making a banking or investment decision!

This information of a general nature and should not be considered specific advice, as each reader's personal financial situation is unique and fact specific. Please contact your financial advisor or Caring for Clients prior to implementing or acting upon any of the information contained herein.

Lucky Americans – they pay much lower investment advisory fees than we do in Canada.

Or so many people think … but is it true?

With the new CRM2 legislation showing investors how much you pay for advice, it’s considerably easier to do a cross-border comparison. Let’s start with the two components of the fees you pay. And a heads-up – read this part twice! Most people don’t understand the two-component aspect of how financial advice is priced; you’ll be well ahead if you do.

Two components to fees

1. If you are working with a financial advisor, there are two components to the fees you pay, product and advisor:

Product cost – the cost of the investments recommended by your advisor, e.g.

Fee insights from a U.S. benchmarking study: the results may surprise you

Since 2009 the median US advisory fee (not including product costs) on assets under management has hovered close to 1%. Fees drop to .70% at $5,000,000 and to .50% at $10,000,000 +.

But despite the fee pressure exerted by the robo-advisor trend, which took off in earnest in 2012, the 2014 edition of the FA Insight indicated that 70% of firms planned to keep their fees steady and 28% of firms planned to raise fees in the next two years. The data from 2016 confirmed the rise: 34% actually did raise fees.

So, do we pay more in Canada?

I believe that fees are somewhat higher here than in the US. This is based on both ongoing anecdotal evidence and data from the Globe and Mail Fee Tool (available to Globe Unlimited subscribers).

For example, I used the fee tool to find the average advisory fee being reported by Canadians with a portfolio between $500,000 and $1 million. 30% reported paying between 1.0 - 1.24% and 38% pay between 1.25% - 1.74%.

That is well above the 1% being charged in the US. Canadian investors are paying more relative to our US counterparts – it looks like the prevailing wisdom is correct!

The really big question – is it worth it?

It’s a matter of personal judgment as to whether you are receiving sufficient value for the fees you pay. However, at the very least, if you work with a financial advisor, you should know how their fees fit in the marketplace.

And even if the fees being charged by your advisor are competitive, you still need to evaluate whether you are getting value from the relationship.

The breadth and depth of service you receive depends on both the firm you deal with and the specific advisor. Some firm cultures encourage and reward holistic planning and advice; others pressure their advisors to focus on asset-gathering and reaching annual fee generation targets. What kind of firm do you think yours is?

Individual advisors differ as well. Some focus narrowly on investment management and advice. Others see their role more broadly, as financial planners, with a mandate that expands well beyond investment portfolio design and rebalancing.

In my mind? Premium pricing is appropriate only when you, the client, have access to advice that extends well beyond investment portfolio design.

The information contained herein was obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and Queensbury Strategies Inc. assumes no responsibility or liability.

Bidding wars are a fact of life when waging the buying war for Toronto real estate. Bully offers and condition-free offers seem to be one of the only tickets to a successful bid. Sellers have discovered that a mild staging is sufficient to generate competition for their property, leaving kitchen upgrades and basement renovations to the buyer.

More often than not, buyers are purchasing properties fully planning to take on a sizeable renovation. They factor in an estimate of the reno cost into their bidding strategy. Doing so exposes the buyer to the risk of underestimating the ultimate cost and scope of the reno, potentially leaving them in a financial bind.

How do you mitigate this risk?

We have started recommending that our clients take a trustworthy, experienced contractor with them on a walk through of their dream house before offer day. The contractor can let them know what they are in for financially given their vision for the house.

Rona: Has there been an increase in demand for pre-house bid renovation consulting?

Rob: Yes, although only slightly more. I don’t think many companies will do a walk through unless they have a contract in place. At Equinox we see the opportunity to gain knowledge of a potential site as well as impart some knowledge of the benefits of our processes to a potential client.

Rona: How does that kind of client engagement work?

Rob: At the moment it’s just contacting us with a request to do a walk through. As long as the timing can work and it hasn’t been left to the last minute we are usually available. We don’t charge for the service but we do hope that puts us at the top of the list of potential Project Managers to execute the work.

Rona: What risks do clients face if they don’t get a professional opinion before purchasing a “fixer upper”?

Rob: A professional is going to be able to have a cursory look through and around the house and be able to give you a rough idea of how much work there is to do and possibly an idea of what it might cost. Foundations, structure, mechanical and electrical systems, framing, plumbing, etc... There are all sorts of building components that could be no longer up to code because of their age or because they are just failing altogether. A professional builder is going to be able to let you know if you are taking on too much or just the right amount of work for your budget. Unfortunately, possession of the property is needed to pop holes in walls to see what’s going on behind them with insulation and vapour barriers etc, but a decent amount of info can be garnered from a walk through, enough to know almost exactly what you are in for.

I’ve always advised clients to approach financial news as interesting, but not reliable as an investment strategy source.

Ben Carlson, author of the A Wealth of Common Sense blog, recently did a great job outlining how to read financial news headlines. I couldn’t have said it better myself, so let this be a guide for you:*

Headline: Stocks Rose/Fell Today by 1% Because of ______________

How to read it: Millions of shares traded hands today because investors all have different goals, strategies, risk profiles, holding periods and ideas.

Headline: (Popular economist/fund manager) Expects Market Volatility to Pick Up Later This Year

How to read it: Saying you expect volatility to pick up at some point in the future is like saying you expect it to rain at some point in the future. And volatility works both ways – to the upside and the downside – so really this is just a way of saying the markets will fluctuate, which of course they will.

Headline: George Soros Gained/Lost $1 Billion

How to read it: Soros has around $25 billion so what he does with his money shouldn’t concern most investors.

How to read it: No one ever really knows why stocks rise or fall on a single day. The market is up just over 50% of all trading days and down just under 50% of all trading days so you can never put too much stock in any one day.

Headline: Investors Are Dealing With More Uncertainty.

How to read it: The future is always uncertain. The past just feels more certain because now we know what really happened.

Headline: Are Markets Overbought Here?

How to read it: Ask us again in a few months.

Headline: The Stock Market Enters a Painful Correction

How to read it: Retirement savers rejoice as stocks fall on the week. Those with decades to save and invest should hope it continues.

Headline: ______Could Cause Gold to Rise to $1500/oz.

How to read it: Total guess. No one has a clue.

Headline: Is This the stock-Picker’s Market We’ve Been Waiting For?

How to read it: It’s both always and never a stock-picker’s market because it all depends on the quality of the stock-picker, not the market.

Headline: Goldman Sachs Expects Stocks to Rally For the Next 3 Months.

How to read it: Big financial firms have so many strategists that there will surely be a research piece put out in the coming days that totally contradicts whatever they just predicted.

Headline: When Will the Fed Raise Rates?

How to read it: Has Fed policy really ever helped you make better investment decisions? Even if you knew exactly what they were going to do in the future you still have no idea how other investors will react.

Headline: Investors Panic as Stocks Enter a Bear Market.

How to read it: Don’t panic – expected returns and dividend yields go up during bear markets. This is a good thing for long-term investors.

Headline: A Perfect Storm Caused Markets to Fall.

How to read it: Stuff happens in the markets and we like to attach important-sounding narratives to everything. 100-year storms now seem to come around once a month or so.

How to read it: Certain pundits are constantly predicting peril and end times for the markets and the economy so expect to read a few of these every week as they’ll continue guessing until they’re finally “right.”

Headline: The 10 Best Stocks to Own Right Now

How to read it: Here are 10 random stocks we think could go up for reasons we are purely speculating on.

Headline: Investors are Cautiously Optimistic.

How to read it: We’ve got nothing so we’re going to run this classic that gives no information whatsoever.

Headlines will never be the same for you again. And that’s a good thing.

*source: http://awealthofcommonsense.com

This information of a general nature and should not be considered specific advice, as each reader's personal financial situation is unique and fact specific. Please contact your financial advisor or Caring for Clients prior to implementing or acting upon any of the information contained herein.

You might think it’s easy to know whether your investments are doing well. And that it will be easier yet, post-CRM2, now that your investment professionals are required to report on how well you did and what fees you paid.

But alas, this isn’t quite true. There are many ways of measuring your return, and each one delivers a different result.

Today I want to talk about the difference between a time-weighted and a dollar-weighted return. With good reason! CRM2 performance reporting is dollar- (as opposed to time-) weighted. And as you’ll see, it makes a difference. Particularly in the short term!

Time-weighted vs. dollar-weighted returns

Let’s talk about Fund XYZ. As with most funds, XYZ moves around a bit.

In 2016, while XYZ ended up rising 10%, it didn’t do that by increasing every month by just under 1%. No, Fund XYZ was close to static for about six months of the year. But from September-December XZY excelled, going up 12% and falling down only 2%, giving the a net 10% gain in those four months, as well as over the year.

Now you and your Aunt Minnie and your friend Isaac all happened to invest in XYZ in 2016. But lucky Aunt Minnie, she put her money into XYZ on September 1, just as the fund began to rise. Whereas unlucky Isaac, he took his money out of XYZ in July. And you, you held the fund for the entire year.

The time-weighted return will be the same for all three of you: in one year, XYZ rose 10%. But the dollar-weighted will vary considerably. Minnie’s dollar-weighted return will be considerably higher, because her invested dollars earned a 10% return in only four months. Whereas you invested for 12 months to get the same 10% return. And poor Isaac, he received virtually no return for the 7 months he held XYZ.

Quite the difference!

Which is better, dollar- or time-weighted?

Use the metric that suits your objective. If you want to compare one fund to another, use the time-weighted metric to see which fund is performing better year over year.

But if you want to know what your own return was in a given year on a given fund, use the dollar-weighted metric. That metric will tell you what your invested dollars earned, in that fund, in that year.

Just keep in mind that it’s easy to give an investment undue credit or too much blame for the effect of your cash additions and withdrawals. Their timing can unduly weight the return, particularly in the short-term.

But I thought CRM2 made it easy!

CRM2 does offer you more information on returns and fees than you were given previously. But it’s a complex topic! Make sure your advisor helps you to understand where and how to maximize your yearly contributions, minimize your tax outlay, and optimize your savings for a comfortable retirement.

This information of a general nature and should not be considered specific advice, as each reader's personal financial situation is unique and fact specific. Please contact your financial advisor or Caring for Clients prior to implementing or acting upon any of the information contained herein.

My friend is dying, long before her time. I visited her at the hospital today and the subject of bucket lists came up. She asked me if I had one.

I don't.

For a moment I felt guilty about it. For heavens sake, a movie was made about them. Am I disrespecting the fleetness of my time on earth by not identifying "things I want to do before I die", and then ticking them off one at a time? Won't a page of ticked off boxes prevent regret when my time comes?

The answer, for me, is no. And that can be a relief for anyone who feels uncertain that they can, or will be able to, afford to do the things that comprise many a bucket list. I reflected momentarily on why I don't have one and came to the following conclusions.

I have something else. Goals. Big audacious goals. The goals are not things I want to do, or have. They are the impact I want to have while I'm here on earth.

I live in the moment. These days it's called "being present". Others refer to it as mindfulness. Turns out this comes naturally to me.

I practice gratitude. Though not in the way it's often encouraged these days by journaling, daily affirmations and the like. It's in my nature to be grateful for the small things (not having a plugged nose after a cold), and the big important stuff (like freedom).

The cool thing is that what brings me joy and makes me grateful don't cost anything in the conventional sense. So the bucket is full at the end of every day. I have all that I need, all the time. You might be thinking, "easy for her to say, my life is difficult, how can I be grateful and feel joy?". Well, I felt this way even when my husband was slowly and painfully leaving me, and this world, thanks to cancer. So, it's possible.

Now, this is a blog written by a financial planner. So what's the connect to money matters? You've probably guessed by now, but the bottom line is that money is a tool that is needed to navigate life and make stuff happen. But it's not the only thing. And much research has proven that after a certain (relatively modest) level of wealth or income, one's level of happiness plateaus. Over 11 million people have watched this TED Talk that highlights the research and important results.

So please, write that bucket list but it can't be the measure for the value of your life, your status, and most of all, your daily happiness. Because, after all, today is all we have, every day.

This information of a general nature and should not be considered specific advice, as each reader's personal financial situation is unique and fact specific. Please contact your financial advisor or Caring for Clients prior to implementing or acting upon any of the information contained herein.

You've read the articles. Inability to save is like death by a thousand cuts. Cut out the small spends like expensive coffee is a step towards financial security.

Yes, I could have made a coffee and bagel for a fraction of what I paid Starbucks for it this morninig. But here's why it was worth far more than the $4 I spent.

It's about MOMENTUM.

I've discovered that getting motivated to do stuff that really matters on the weekend is hard for me. I wake up in the morning having a list of things I intend to do. But something happens. Cozy in my home, tired from a demanding week of work and family, I start to rationalize that I deserve to do nothing. The draw of curling up in a soft blanket on the couch reading escapist magazines or watching sports begins to win. I've earned the right, my mind keeps telling me. If you know me, you would agree and tell me that I do deserve it.

But here's the thing. At the end of the day of doing nothing, rather than feeling rewarded, I feel disappointed. Time wasted.

Maybe it's something about turning 50 next year, but I'm acutely aware of how fast time flies and how short my time on the planet is.

So I put on my runners and head out to Starbucks in the morning. It gets me moving. MOMENTUM. And once I'm moving, something magical happens. I want to do stuff. Stuff that makes life meaningful to me. That is often active, present, time with my daughter or parents. That is often working on business that ultimately is about making others' lives better.

So, when I go to bed tonight, I'll say to myself. That was the best $4 I spent today.

June 2016

Guest post by: Ian Mucignat CFA. Ian is a professional mortgage broker with TMG The Mortgage Group who helps individuals get the best mortgage products at the best price.

Bridge loans are a confusing concept for people. Don't feel bad, I know people that work at mortgage lenders who find them confusing!

Bridging is often required when the sale of your current home occurs after the purchase date of your new home. Appropriately, you are “bridging the gap” for the funds needed to close the new home. In simpler terms, the lender is actually lending you the down payment and closing costs for your new home while you wait for the equity from the sale of your current home.

When is it useful?

After selling your current home and purchasing a new home, sometimes it’s hard to line up the closing dates on each perfectly. Bridge financing allows you to accept sale offers on your existing home for dates that don’t match the closing date on your new home.

Bridging can also be a good idea if you want to do some renovations on the new home, such as paint or install new flooring. During this time, you can still live in your current home while the work is being done so you won’t have to live through the mess.

Let’s look at an example

You purchase a home on March 1 with a closing date of June 1 for $800,000. You’ve listed your home and it’s sold for $500,000 with a closing date of July 1. Your current mortgage is $300,000 and you intend to put down 20% or $200,000 of equity on the new home so that you’ll have a $600,000 mortgage ($800K – $200K). You’ve already put down $50,000 so you need another $150,000. In addition, you need to cover the closing costs such as Land Transfer Tax at the lawyer’s office so you need an additional $16,000 or so. They will lend you this too, assuming of course you have the equity available from the sale of your existing home.

So, in this example, the lender will provide you a bridge loan of $166,000 on June 1. You will repay it on July 1 when you receive $230,000 from the sale of your home and be left with $64,000 in your bank account.

What does it cost?

It depends on the lender. There is usually and administration cost up to $500 for set up and the lender will charge interest on it during the bridge period. The rates vary from about Prime + 2% to Prime +4%. The rate may seem high but it only applies for a short time. So, in our example, borrowing for one month might cost about $900, which is relatively small compared to the greater purpose it achieves.

How long can I bridge for?

Again, it depends on the lender’s policy. For most lenders it’s typically a maximum of 30-60 days. Other lender/banks may extend to 120 days or even longer.

How do I get approved for a bridge loan?

If you are approved for the new mortgage, then you likely meet all the requirements for a bridge loan. Furthermore, the bridge requirement doesn’t limit your ability to be approved for the new mortgage. Most banks and lenders offer bridge loan solutions.

What is required?

The requirements vary from lender to lender but in all cases they want the unconditional purchase agreement on the new home and the unconditional sale agreement on the existing home. This assures the lender will get the bridge loan repaid when the existing home sells. The lender may also ask for your current mortgage statement to prove the equity and the MLS listings to give more assurance one the home valuations.

The bottom line

Bridge loans can be an essential strategy when making a housing transition. Educate yourself on how one can be used to help you accomplish your home ownership goals.

This information of a general nature and should not be considered specific advice, as each reader's personal financial situation is unique and fact specific. Please contact your financial advisor or Caring for Clients prior to implementing or acting upon any of the information contained herein.

When Harry met Sally it seemed like their differences complemented one another. He loved it that she was responsible and “good with money.” Even though he made a decent salary, Harry seemed to live from paycheque-to-paycheque and never knew where his money went.

When Harry met Sally it seemed like their differences complemented one another.

He loved it that she was responsible and “good with money.” Even though he made a decent salary, Harry seemed to live from paycheque-to-paycheque and never knew where his money went. Sally helped him get things under control. And Sally appreciated Harry’s spontaneity and sense of fun. If she mentioned a play she wanted to see, he’d buy the best seats for the next available performance.

Now it is ten years later and they are parents of twins. Harry and Sally’s differences threaten to undermine their relationship. Each is frustrated by the other. Sally is anxious that Harry’s free-spending ways mean that they won’t have enough savings for retirement. And Harry feels judged whenever he buys something. Every time they try to talk about money it ends in accusations and bad feelings. And now the hostility is affecting other areas of their relationship.

Can a saver and a spender find happiness together? Yes – as long as they are honest about their differences, communicate openly, and share some core values.

Both Harry and Sally have legitimate points-of-view. Sally is correct that if the couple doesn’t put enough money aside, they won’t meet their goals of a comfortable retirement and helping the twins through university. And Harry also has a point when he says that their quality of life would be compromised if they focused too narrowly on these future goals. Yet if they have this conversation every time they need to make a financial discussion, frustration will set in.

Instead of frequent, frustrating conversations, Harry and Sally need a plan. If they can agree on some common financial goals and priorities, then their different attitudes to money shouldn’t undermine their relationship. They need to sit down, do the math and work out some numbers. They have to figure out how much they need to set aside for expenses and savings, and how much is left for “free” spending. After that, they can revisit the numbers on an annual basis, or whenever their financial situation changes.

If Harry and Sally have been arguing about money for the better part of ten years, this conversation might be very difficult. In order for them to reach a durable understanding, they might need help from a neutral third party. A good financial advisor should be able to help them arrive at appropriate numbers, and also help them explore their different attitudes to finances.

The practical issues – figuring out proper amounts for saving and spending – are actually the easy part. Harry and Sally also need to have a frank conversation about money and what it means to each of them. Sally needs to tell Harry that, when he makes an extravagant purchase, she worries about their future. And Harry should explain to Sally that he feels infantilized when she quizzes him on his spending habits. If each can understand the impact of their behaviour on the other, it will help both stick to the plan.

Guest post by: Jeanette Bicknell, PhD, CMed. She is a professional mediator who helps leaders manage conflict, and helps families communicate more effectively.

This information of a general nature and should not be considered specific advice, as each reader's personal financial situation is unique and fact specific. Please contact your financial advisor or Caring for Clients prior to implementing or acting upon any of the information contained herein.

Today's blog post is courtesy of Ian Mucignat, a mortgage broker with TMG. We asked him, "How dangerous is it to sign an offer to purchase without a condition of financing?" He told us:

In today’s heated real estate market, it’s not uncommon to waive the Condition of Financing – waiving might be the difference between two similar offers. Let’s explore that choice…

…You’ve been preapproved for a mortgage and are actively searching for your home with your trusted realtor. One bright sunny day you find the perfect home in the perfect neighbourhood.

You’re about to put in an offer and your realtor says you can win it – if you come in with a clean offer, which typically requires waiving your Condition of Financing clause. What does that really mean?

A Condition of Financing is a clause in the Offer to Purchase saying you will purchase as long as you are able to obtain satisfactory financing by a certain date, typically 5 business days. If you are unable to, your offer lapses and your deposit is returned in full.

No condition of financing – what happens then?

What happens if you do not have a condition of financing, but are unable to secure financing?

You lose the deposit you made when the offer was accepted.
The seller may sue for damages and breach of contract. A negated offer hurts the future marketability of their property – a house that has trouble selling raises flags to the next prospect.

Let’s examine the risks of waiving and how to mitigate them.

Pre-approval ≠ approval!

Recall that a pre-approval does not guarantee a final approval – the property valuation and the property type itself must be approved. Full property assurance can never be given on a pre-approval.

When a lender/bank lends on a property they need certainty that the property value is accurate, which means an appraisal. If the appraised value comes in lower then estimated, you may be forced to provide additional down payment.

Some lenders will determine the value through either an Automated Valuation Model (AVM) or request a physical appraisal. The second part, the property itself, must be a type of property they will lend on too. For example, many lenders will not lend on log cabins under any instances!

As well, a pre-approval always has pre-funding conditions: items such as income or down payment verification. If you have switched jobs, this can present a problem. If the down payment can’t be clearly shown with statements from a Canadian financial institution, you have another problem.

Mitigating the risk

The pre-approval can be strengthened if a full review of the key underwriting documents is completed up front. For example, income verification documents are provided, reviewed and discussed upfront with the lending underwriter. Also, the down payment sources can be reviewed for suitability and acceptability.

The estimate of property value should be discussed with the mortgage agent in terms of location. A detached home in the GTA has much higher certainty of value than one in a rural area.

The expected size of the down payment can provide safety too. The bigger the down payment, the safer you are in waiving the COF, as a higher down payment makes it easier to procure a mortgage.

Walk in well advised – know your risks!

Have a discussion with an experienced mortgage advisor, who will outline the risks and tolerances for your individual situation and profile. The better you understand your own situation and risks, the better your decisions.

The stress of purchasing, the heated atmosphere of today’s market, and the excitement of finding a possible new home can exert a great deal of pressure. Do NOT let that pressure be what decides whether you waive or not – do your homework first!

This information of a general nature and should not be considered specific advice, as each reader's personal financial situation is unique and fact specific. Please contact your financial advisor or Caring for Clients prior to implementing or acting upon any of the information contained herein.